Interest Rate Hikes | Pressure on consumers increases

JOHANNESBURG - Soaring inflation and the latest interest hike will take its toll on South African consumers.

According to research conducted in TransUnion's fourth quarter Consumer Pulse Study over 60% of consumers have been forced to cut down on spending.

READ: CPI rises to 7% in February

Around 30% of consumers say they are unable to pay their bills and loans in full.

The South African Reserve Bank has increased the repo rate by 50 basis on Friday.

This now brings the prime lending rate to 11.25 percent.

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